All Forums  archive  bankruptcy postbag for may  i now feel desperate for help

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Screensize: 640 x 480 800 x 600 1024 x 768 1280 x 1024 UserName: Password: Format Mode: Basic  Help  Prompt  Format: Font Andale Mono Arial Arial Black Book Antiqua Century Gothic Comic Sans MS Courier New Georgia Impact Lucida Console Script MT Bold Stencil Tahoma Times New Roman Trebuchet MS Verdana   Size 1 2 3 4 5 6   Color Black Red Yellow Pink Green Orange Purple Blue Beige Brown Teal Navy Maroon LimeGreen Message: * HTML is OFF * Forum Code is ON Smilies [quote][i]Originally posted by cozh[/i] [br]I was self employed from 1999,in 2002 i went over the VAT threshold but didnt know until the following year as i had difficulty with book keeping. When my accountant told me he said that i could owe customs thousands,this scared me as i had no spare money, my wages had stayed the same (approx £100 to £150 per week). I had a market stall and had been selling everything really cheap.The sales declined after this due to council decisions on car parking and relocating the market etc so in 2004 i decided to take on a fruit and veg shop which proved to be disastrous. I mixed up money from the market to keep it going and used personal loans and credit cards to pay for the business and eventually to repay monthly payments between the loans etc. I closed the shop after 8months but was still on the lease and owe about £10000 rent (i am on the lease until 2010) and altogether with loans etc appprox £40000.I ceased being self employed in december2006 and have worked night shift at a supermarket since may 2007, earn approx £700p.m. I have lived with my partner for 14yrs and he bought a house 13yrs ago. His name is on the interest only mortgage and both names are on the life assurance policy he had to take out to pay the mortgage at the end of its term. We visited the citizens advice bureau 2 years ago when i realised the mess i was in and they brought in an insolvency practitioner who said that the official receiver, if i declared myself bankrupt, would say that i had beneficial interest in the house. She suggested i do an IVA through her and remortgage the house for £50000(my partner is in debt too) to pay debts and her fees. We didnt return as wouldnt be able to make the mortgage repayments on that ammount and i suppose i have buried my head in the sand ever since. Two weeks ago i received a letter from 'customs' saying they have records of my turnover and i should have been VAT registered etc and i should ring them for a home visit or they will start an investigation. I havent rang as i am now petrified. My books are a mess and i didnt fill in my tax return for the final year as i couldnt afford the accountant, i still owe him £150. The C.A.B. advised to stop paying debts as i couldnt pay one and not the other. I have booked in at Birkenhead court for 4th June for bankruptcy but dont know if i'm doing the right thing as i am worried about my partner losing his house. I have to do something as our lives are at a standstill, I have a 13 year old daughter and cant plan for her future and a 22yr old stepson who we would like to be able to help out but cant plan anything. I started a college course last year but had to put on hold, the doctor said it was acute stress and anxiety. I realise that all of this is my fault, bad decisions and lack of book keeping etc but i now feel desperate for help. Would the house be taken and would bankruptcy stop the VAT investigation as i dont feel i could handle it all. I would be extremely grateful for any advice and i apologise for the length of this email, i wanted to try and give as much info' as possible. Thanks [/quote]   Check here to include your profile signature.